Legal Question in Real Estate Law in California

Defaulting on a Home Loan

Unable to afford my home loan after the passing of my husband, and unable to sell it, I walked away from my house. I did inform the mortgage company, but they still just let it drag into forclosure. What legal problems may I end up with?


Asked on 2/16/09, 6:41 pm

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

Re: Defaulting on a Home Loan

"drag into foreclosure"? That's what they had to do to regain legal possession, unless you had offered a deed in lieu.

Consequences? Ruined credit, inability to get a loan on house or car, employment background check problems, etc. If the loan was a refi, they can sue you for a deficiency judgment and then seek to collect against all your assets and income. Don't ignore the problem when it occurs.

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Answered on 2/16/09, 6:56 pm


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